TORA, Asia’s leading provider of advanced trading technology announce
TORA, Asia’s leading provider of advanced trading technology announced this week that it was extending its next generation smart order routing (SOR) algorithm, TSOR™, to Hong Kong. The decision, said the firm, was based on what it sees as increasing market fragmentation for liquidity which is making it more challenging for buy-side traders to achieve best execution. The TSOR™ algorithm sources liquidity across multiple off-exchange venues – also known as dark liquidity pools – and gives users an array of customization options based on their own specific trading parameters and strategies. Put simply, the more alternative venues an SOR reaches, the more alternative liquidity a trader can access. “The buy-side trader welcomes tools like TSOR™ which provide efficiencies in finding liquidity and help to execute orders at their target prices, or better, as liquidity fragments across Asia,” commented TORA managing director, Chris Jenkins (pictured). More clients are turning to execution solutions such as those provided by TORA to gain a price advantage and prevent information leakage (all trades are executed anonymously) said the firm. Traders using TSOR™ can set thresholds for crossing at a minimum order size or level of price improvement and Jenkins believes that clients will benefit from adopting it into their workflow, adding: “We expect scale to build quickly as it has in Japan, where TSOR™ delivers clients an average price movement of 11 basis points.”
